vLib - the virtual library project, is a AS3 swc lib to handle your flash project resources, such as bitmaps, swfs, mp3 sounds, texts, xmls and binary files.
It will ease you from importing assets into your .fla's library, writing lots of Embed stuffs for the Flex project, and save your efforts of using lots of URLLoader and Loader codes.
Only need to write a XML file and markup the name and URL address for all flash resources, you can then access them using simple AS3 api provided by vLib.swc.

Step 2[Write the description xml]:
Write a xml file of the resources' names and URLs.
The XML must begin and end with

There're 6 kinds of resources, each kind has a tag, they're:

for all text files
for all picture files
for all swf files
for all mp3 files
for all binary files

All resource files should be written into the corresponding tag of the format

The details of the description XML's format are showed in the example.Example["vLib.xml" from vLib\examples\bin\DataFiles]:

Note:Due to formatting issues, the above xmls don't display correctly, all tag names should be in upper case in the first character, for details, please see the examples in the svn.

Step 3[Add the vLib.swc to library]:
Add the "vLib.swc" to your flash/flex project, so you can use it in your AS3 code.
Step 4[Initialize the virtual library]:
First declare an instance and provide the the description xml file "vLib.xml" to it.

You can use the data files directly after calling load().
If you Embed all resources using Embed tag or import them into .fla's library, all resources will be compiled into SWF tags. SWF decompilers can read those tags and extract the resources directly.
But in this step, because all resources are encoded into a single binary file, it's a good way to protect the swf assets.

Thanks for reporting, I may solve the problem in the future version. Currently, you can just embed the swf as binary data and use the "getBin" method to return the binary data, then create your custom Loader instance for passing the LoaderContext.